E-Jurnal Akuntansi
Vol. 35 No. 10 (2025)

The Relationship between Environmental, Social, and Governance (ESG) Performance and Stock Return

Rossalina, Ni Luh Ade Meina (Unknown)
Sukartha, P. D'Yan Yaniartha (Unknown)
Ni Ketut Rasmini (Unknown)

Article Info

Publish Date
31 Oct 2025

Abstract

This study aims to examine the relationship between environmental, social, and governance (ESG) performance and each of its pillars on stock returns of companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The research population consists of all publicly listed companies, with a sample of 3,952 observations selected through purposive sampling. Data were obtained from Refinitiv Eikon and company financial reports. The analytical method employed is multiple linear regression. The results indicate that overall ESG performance, as well as the environmental, social, and governance pillars, has a negative relationship with stock returns.

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Journal Info
E-Jurnal Akuntansi
Website

Abbrev

akuntansi

Publisher

Universitas Udayana

Subject

Economics, Econometrics & Finance

Description

E-JURNAL AKUNTANSI (EJA) E-Jurnal Akuntansi [e-ISSN 2302-8556] is an electronic scientific journal published online once a month. E-journal aims to improve the quality of science and channel the interest of sharing and dissemination of knowledge for scholars, students, practitioners, and the ...